Developer withdraws plan for Esquire Theatre site

Tuesday

Aug 12, 2014 at 10:00 PMAug 12, 2014 at 10:01 PM

By Tim LandisBusiness Editor

The latest plan for redevelopment of the old Esquire Theatre property in Springfield stalled before it started.

Springfield developer Chris Stone said Tuesday he has pulled plans for a retail strip center on the property at MacArthur Boulevard and South Grand Avenue after he was presented with a much more ambitious — and costly — proposal that added townhouse apartments, assisted-living facilities for seniors and a seven-story office tower.

Ward 7 Ald. Joe McMenamin, whose ward includes the Esquire, is among backers of the larger development, estimated to cost up to $20 million.

“I had an idea for the Esquire,” Stone said. “We decided to pull out. What we wanted to do and what the city wants are different.”

Stone, whose commercial-retail projects include Lucy’s Place video gaming outlets, said he does not do residential and office development. He said he had been in discussions with AMC Theatres about the property but had not made a commitment.

“I want to stick with what I know,” Stone said.

The Esquire building has remained vacant since shutting down in 2003. AMC acquired the property in a buyout of the Kerasotes chain in 2010.

TIF funds

McMenamin said Stone’s decision is best for the neighborhood in the long run, adding that he was prepared to oppose use of money from the MacArthur Boulevard tax increment financing district for the proposed shopping center.

The TIF district was a key incentive for the Hy-Vee supermarket opened in May on the site of the old Kmart, 2115 S. MacArthur Blvd. Aldermen approved $3.5 million from the TIF to offset Hy-Vee development costs.

McMenamin said a mixed residential, retail and office use of the Esquire property would be consistent with a master development plan for the boulevard.

He said the city has more tools now, including the TIF, to attract the right kind of development to MacArthur and South Grand.

“Our chances of success are better than they were three year ago, six years ago, nine years ago,” McMenamin said.

City economic development director Mike Farmer said there were discussions with Stone for assistance from the TIF, though he declined to give specifics. Farmer said the larger, mixed-use plan also has been shared with the city, but there are no specific development plans.

“We get calls frequently from people seeking information (on the Esquire),” Farmer said. “We’d love to play whatever role we can.”

MacArthur Boulevard Association president Jen Dillman said the group had not taken a position on Stone’s proposed development. But she said mixed-use has always been the preference for the Esquire property.

“It was all very conceptual at this point,” Dillman said. “It didn’t get far enough for the association to take a stand on it.”

Robert’s Automotive

This is the second time in less than three years development plans for the Esquire property have fallen through. In late 2011, the city council rejected plans by Robert’s Automotive of Springfield to open a used Mercedes-Benz sales and service facility on the Esquire property. Neighborhood groups argued it was an improper use of the corner.

The dealership eventually built at 4440 Wabash Ave., on the city’s far west side.

Springfield architect Larry Quenette drew up conceptual plans for retail, townhouse, assisted living and office development on the Esquire property. He said development on the site will set the tone for the rest of the boulevard.

“In my opinion, this is the most high-visibility place in Springfield,” Quenette said. “Springfield has settled for ordinary over and over and over, and it’s time somebody changed that.”